CiplaQCIL CEO, Nevin Bradford
Cipla Quality Chemical Industries Ltd (CiplaQCIL) has announced the acquisition of the Human Care Business of Quality Chemicals Limited (QCL) in Shs4.67bn deal.
“Pursuant to Rule 38 (1) (a) and Appendix 4:Paragraph 1 of the Uganda Securities Exchange Listing Rules 2003 (as amended), CiplaQCIL is pleased to inform its shareholders and the public that the Company has signed an agreement to acquire the assets of Quality Chemicals Limited specifically relating to the Human Health Care business for the amount of USD. 1,271,747 (UShs4.67bn),” Doreen Pachuto Awanga, CiplaQCIL Secretary said in a statement.
She added: “The acquisition takes the form of a transfer of human business assets including the sales staff overseeing the human health care portfolio.
The Acquisition is expected to boost the company’s sales growth by expanding its product breadth while tapping into new business opportunities in the private market.”
The company has also undertaken an ambitious innovation programme to enable additional products to be manufactured at its facility, including the new first-line antiretroviral (ARV) treatment for HIV commonly referred to as TLD, which combines tenofovir (TDF), lamivudine (3TC) and dolutegravir (DTG).
CiplaQCIL set out a target to be registered in 22 countries in Africa this year. The scorecard to date is that 16 countries have granted approvals, 15 are in progress, and 3 new country applications will be made this financial year.